In a development that has sent shockwaves through Mumbai’s vibrant culinary and entertainment circles, Bollywood icon Shilpa Shetty has announced the closure of her flagship restaurant, Bastian Bandra, effective September 4, 2025. The upscale eatery, a celebrity hotspot since its inception in 2016, will host its final service this Thursday, marking what Shetty described as “the end of an era.” This bombshell comes mere weeks after Shetty and her husband, businessman Raj Kundra, were slapped with allegations of defrauding a Mumbai-based investor of over ₹60 crore in a high-profile cheating case. While the actress has not explicitly linked the shutdown to the ongoing legal turmoil, the uncanny timing has fueled intense speculation about the financial and reputational pressures mounting on the power couple.
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As an Indian journalist covering the intersection of Bollywood glamour and business intrigue, I’ve followed Shetty’s entrepreneurial journey closely. From her fitness empire to her foray into hospitality, Shetty has built a brand synonymous with wellness and luxury. Bastian Bandra, co-owned with restaurateur Ranjit Bindra, epitomized that vision—a multi-level haven in Mumbai’s trendy Bandra neighborhood, celebrated for its seafood-centric menu, artistic interiors, and A-list clientele. But now, as the curtains fall on this iconic venue, questions swirl about whether the fraud allegations have accelerated its demise or if it’s part of a strategic pivot. Let’s delve deeper into the story that’s captivating the nation.
The Rise and Fall of Bastian Bandra: A Mumbai Nightlife Legend
Bastian Bandra wasn’t just a restaurant; it was a cultural phenomenon. Launched in 2016 under the Bastian Hospitality banner, it quickly became the go-to spot for Mumbai’s elite. Perched on Linking Road in Bandra West, the venue boasted contemporary decor with lush greenery, cascading water features, and an ambiance that blended sophistication with vibrancy. Its menu, helmed by innovative chefs, highlighted global fusion cuisine, but it was the fresh seafood platters—think Chilean sea bass and lobster thermidor—that drew rave reviews and repeat visits from stars like Kareena Kapoor Khan, Malaika Arora, and even international celebrities.
The restaurant’s relocation in 2023 to a larger, more opulent space only amplified its allure. It hosted themed nights like the infamous “Arcane Affair” on Thursdays, turning into a pulsating nightlife hub with DJ sets and celebrity sightings that turned the street outside into a makeshift red carpet. Paparazzi thronged the entrance, earning the stretch the moniker “Bollywood Boulevard” among locals. For nine years, Bastian Bandra contributed significantly to Mumbai’s F&B scene, reportedly generating substantial revenue and employing hundreds. It expanded the brand’s footprint, with sister outlets like Bastian At The Top in Dadar and ventures in Bengaluru and Pune.
Shetty’s involvement added a personal touch. As a co-owner through her partnership with Aallia Hospitality in 2019, she often promoted the spot on social media, sharing glimpses of lavish brunches and fitness-inspired healthy eats. In her emotional Instagram post announcing the closure, Shetty wrote: “This Thursday marks the end of an era as we bid farewell to one of Mumbai’s most iconic destinations — BASTIAN BANDRA. A venue that gave us countless memories, unforgettable nights, and moments that shaped the city’s nightlife now takes its final bow.” She promised a “special evening” for loyal patrons, filled with “nostalgia, energy, and magic,” before shifting the Arcane Affair ritual to Bastian At The Top, located on the 48th floor of Kohinoor Square in Dadar West.
Ranjit Bindra, the driving force behind Bastian Hospitality, echoed the sentiment in a statement, revealing plans to repurpose the Bandra space into “Ammakai,” a new outlet focusing on authentic South Indian cuisine, while launching “Bastian Beach Club” in Juhu. “Bandra was where Bastian’s journey began, and it will always remain close to us. As we evolve, it feels right to honour the depth of South Indian cuisine through Ammakai while also bringing the energy and indulgence of Bastian to Juhu in a fresh new way,” Bindra said. This transition suggests the closure might be a calculated business move rather than a distress signal, but the shadow of the fraud case looms large.
The ₹60 Crore Fraud Allegations: A Timeline of Turmoil
The plot thickens with the Economic Offences Wing (EOW) of Mumbai Police registering a First Information Report (FIR) against Shetty and Kundra for cheating and forgery. The complainant, Deepak Kothari, director of Lotus Capital Financial Services Ltd., alleges that between 2015 and 2023, he infused ₹60.48 crore into the couple’s now-defunct company, Best Deal TV Pvt Ltd., under the guise of a loan-cum-investment for business expansion. Best Deal TV was an online shopping platform where Shetty held over 87% shares, and Kundra was a key director.
According to Kothari’s complaint, the deal was brokered through an agent, Rajesh Arya, who approached him in 2015 seeking ₹75 crore at 12% interest. To skirt tax implications, it was structured as an “investment.” In April 2015, Kothari transferred the first tranche of ₹31.95 crore, followed by ₹28.54 crore between July 2015 and March 2016, plus stamp duty of ₹3.19 lakh. He claims Shetty personally assured repayment in April 2016, even providing a personal guarantee. Instead, the funds were allegedly siphoned off for personal luxuries, leaving Kothari high and dry.
The case, initially filed at Juhu Police Station, was transferred to the EOW due to the amount exceeding ₹10 crore. Kothari waited nearly a decade to file, citing prolonged negotiations and unfulfilled promises. This isn’t the couple’s first brush with controversy. In 2021, Kundra was arrested in a pornography case involving money laundering through apps. In 2024, the Enforcement Directorate (ED) attached assets worth ₹97.79 crore linked to Bitcoin scams, and raids targeted their properties over alleged illicit content distribution. Shetty has distanced herself from these, but the pattern of financial scrutiny is undeniable.
In a swift rebuttal, the couple’s lawyer, Prashant Patil, dismissed the allegations as “baseless and malicious.” Speaking to ANI, he stated: “All allegations are false. We have not received a copy of the FIR so far. When we receive a copy, we would get to know the exact allegations. On that basis, we will adopt the next legal remedy. But this transaction is quite old, 7-8 years old. If someone feels that they have been wronged, cheated, they would not wait 8-10 years to complain.” Patil emphasized that the matter is civil in nature, already adjudicated by the National Company Law Tribunal (NCLT) Mumbai in October 2024, with auditors submitting cash flow statements to investigators. He vowed to pursue legal action against the “perpetrators” for defamation.
Implications for Shilpa Shetty’s Empire and Bollywood’s Business Ventures
This saga underscores the risks of celebrity-backed businesses in India, where star power often masks underlying financial vulnerabilities. Shetty, 50, has diversified beyond acting—starring in hits like Main Khiladi Tu Anari and judging shows like Super Dancer—into wellness (her SSK brand) and hospitality. Bastian was a jewel in that crown, symbolizing her shift from screen to entrepreneur. However, the fraud case could tarnish her image, especially as public perception ties the restaurant’s closure to the scandal. Social media is abuzz with memes and debates, with some fans defending her as a victim of delayed complaints, while critics question the ethics of mixing business with Bollywood.
For Mumbai’s F&B industry, Bastian’s exit is a blow. Bandra’s dining scene, already competitive with spots like The Bombay Canteen and Masala Library, loses a key player. Yet, the brand’s survival through other outlets signals resilience. Bindra’s new ventures—Ammakai for regional flavors and Bastian Beach Club for beachside indulgence—could revitalize the portfolio, potentially attracting a broader demographic.
Legally, the EOW probe could drag on, involving forensic audits and witness statements. If proven, it might lead to asset seizures or worse, impacting Shetty’s other investments. But if Patil’s defense holds, it could be dismissed as a stale civil dispute, allowing the couple to refocus.
A Positive Note Amid the Chaos?
Despite the negativity, Shetty’s farewell message radiates optimism. By ensuring the brand’s continuity at Bastian At The Top—with its skyline views and elevated experiences—she’s signaling that this is evolution, not extinction. Fans can still savor the legacy, perhaps at the relocated Arcane Affair. As Mumbai bids adieu to Bastian Bandra, it reminds us that in the high-stakes world of celebrity entrepreneurship, reinvention is key to survival.
Last Updated on Wednesday, September 3, 2025 1:31 pm by Startup Chronicle Team
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